JPMorgan Chase’s trading revenue is on pace to drop about 20 percent in the third quarter from a year earlier, Chief Executive Officer Jamie Dimon said.
Back then, the firm posted $5.7 billion of markets revenue, a 33 percent increase driven by fixed-income desks. The projected decline would be JPMorgan’s worst for the July-through-September period since 2011, and is bigger than the 15 percent drop Citigroup Inc. and Bank of America Corp. have forecast.
Goldman Sachs co-President Harvey Schwartz didn’t put a number on his firm’s third-quarter trading performance. “It’s a pretty challenging environment for us” in fixed income and the period “felt a lot like the first and second quarter,” he said.
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